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Consult your tax adviser before making any distributions of property from a partnership or LLC. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered.

It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service.

In that case the gain is income to the other shareholders as well, based on share ownership.

Of course, if the corporation should the asset and distributed the cash to the shareholder, the result would be the same.

The problem is considerably diminished if the asset is easily valued. That way the corporation (or the shareholders in an S corporation) can get the tax benefit of the loss.